TPG Rise / Rise Climate
Interviews were expected to start this week, anyone had any luck? None of my analyst class has been reached out to despite all of us having had coffee chats
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case study is tommorow
Ah okay seems like we just didn’t make the cut
yeah seems like they decided who to interview given coffee chats
Is this for 26 or 25?
there r some offers out
anyone got offer for generalist rise yet
does anyone know much about the performance of TPG Rise and Climate? I feel like i’ve heard it’s been really bad and there’s been a lot of turnover, but can only really think of one terrible investment they’ve made. can anyone confirm?
What is the terrible investment?
Tpg rise / climate is a mess - do not take this offer for the TPG brand - there are multiple zeroes in the portfolio
do u mind elaborating
Performance available in annual report. Looks decent on tvpi etc, however let’s see what can be realised and how it looks when the greentech bubble bursts.
Northvolt and other bankruptcies will make people think twice before throwing more money into these ventures and a lot of them can only survive if the next idiot is ready to throw in more cash.
I think it's obvious that DPI is going to be atrocious.
You are doing some important work in this field - however I prefer getting paid first and then making such a move later.
The second wave of the cleantech washout is upon us. I was part of the first in the 2010s. Tread lightly on any such “climate funds” that aren’t part of the core power generation stack, or first time funds raised by tourists.
Agree. Others to watch out for is EIP (energy impact partners).
The big infra players with patient capital is important to make a long term transition work, but there are so many “growth” plays around that is going to blow up.
In a tough recruiting landscape, is going to a fund like this versus a smaller "pure buyout" vehicle a death sentence / too pigeonholing for a later-career return to "normal" buyout investing? Talking midlevel (VP/Principal, ignore the WSO title)
Yes - going to a shit ESG fund at VP / Principal will absolutely prevent returning to a generalist / normal buyout PE shop
will look like you struck out on normal jobs and took a weird esg job nobody wanted
And what if it's more of a TPG Rise / EIP / Bain Double Impact / Ara?
As long as you care less about the carry (timing and amount)
Don’t do it man
I have yet to see an "ESG" fund that hasn't had absolute shit-tier performance and that dead-ended 50%+ of the careers of junior people who work there so they have to stay in the industry. The entire category is just a marketing scam for LPs to feel good about themselves and isn't conducive to actual value creation. They're massively exposed to stroke of the pen risk since legislative decisions are what often make/break their thesis on a given investment, and even then that's often not enough (just look at all the high profile climate change-related blow ups in Europe over the last 5 years and their government is gaga for that shit). My fund has 1 portco with an ESG-angle (thankfully not driving the thesis) but as a result it has a woman on the board that's an ESG expert. Every time she speaks she wastes 20+ minutes on gender pay gap, our carbon footprint, or other superfluous bullshit and I want to pop my eyes out. I can't imagine dedicating an entire fund to this bullshit. I'd actually kill myself.
CALPERS invested in TPG Rise - you can see the returns in the link below (and judge for yourself whether or not you think that a 1.5x investment multiple / 12% net IRR in the 2018 vintage is worthwhile).
https://www.calpers.ca.gov/page/investments/about-investment-office/investment-organization/pep-fund-performance
At the end of the day, the most salient question you can ask yourself is whether or not you fundamentally want to be in an impact investing role. Put aside the fact that I think that Rise Climate is infrastructure investing with a fancy wrapper, and that the growth fund looks at investing in a way that several other (but certainly not all) venture growth funds might do. As others have pointed out, there is a certain aura and a clear intent in the strategy that they're pursuing; if that is the career and purpose that you're looking for in the context of investing, then you should do it.
(Maybe climate infra will turn out to the next 20 year wave - or maybe not; if I had a crystal ball, I'd certainly be a lot richer. But at the end of the day, more important to find something you're excited about and have a ton of personal excitement about - this job is really hard and something has to keep you going).
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